Solution-Beginning and ending inventory

Beginning and ending inventory

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Reference no: EM133266863

AB Ltd.'s gross purchases were $20,000, net purchases account for an average 10% discount on all items purchased and 5% of items were returned due to wrong specifications during the year. Also during the year the net sales were $18,425.

Required 1: If beginning and ending inventory are zero (Just in time), AB's cost of good solf for the period must have been: $

Required 2: AB's Purchase Return and Allowances for the period must have been: $

Required 3: AB's Purchase Discounts for the period must have been: $

Required 4: AB's Net Puchases for the period must have been: $

Required 5: AB's Gross Profit on Sales in dollars for the period must have been: $

Reference no: EM133266863

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Beginning and ending inventory

Reference no: EM133266863

Reference no: EM133266863

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